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re: Will technology replace the real estate agent?
Posted on 2/3/19 at 7:51 am to PeteRose
Posted on 2/3/19 at 7:51 am to PeteRose
I would never buy a house, or even make an offer unless I have been inside of it - (It might have moldy carpet or reek of curry - which you can't get out).
I hate looking at a house with the seller standing there - can't say, "What awful carpet that is" or "This place reeks of curry."
I hate looking at a house with the seller standing there - can't say, "What awful carpet that is" or "This place reeks of curry."
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Posted on 2/3/19 at 7:57 am to PeteRose
Eventually AI will reshape every industry dramatically on the planet. But in the next decade or so, it will not. I am a high end RE agent, my avg transaction last year was just under 800k. I’d say 75% of my clients earn as much or more than I do. In my experience, these clients generally do not want to directly interact with buyers, sellers, or agents of said parties. As a sellers agent they usually want me on site for all showing of their high end properties.
With the UBER to taxi comparison, it’s not that the need for human interaction decreased, it’s simply the manner to transport people from point a to point b was streamlined. Honestly I think it actually increased the comfortability with people using outside transportation. We are doing that in RE as well with mobile apps and virtual showings to help streamline properties that appeal to our clients. But generally folks want to see it in flesh, and those parties many time prefer intermediaries.
With the UBER to taxi comparison, it’s not that the need for human interaction decreased, it’s simply the manner to transport people from point a to point b was streamlined. Honestly I think it actually increased the comfortability with people using outside transportation. We are doing that in RE as well with mobile apps and virtual showings to help streamline properties that appeal to our clients. But generally folks want to see it in flesh, and those parties many time prefer intermediaries.
This post was edited on 2/3/19 at 12:34 pm
Posted on 2/3/19 at 8:00 am to ItNeverRains
They won't disappear. But in the long run, we might see lower commissions.
Posted on 2/3/19 at 8:06 am to PeteRose
A bulk of the behind the scenes work of a dedicated real estate agent will be hard to replace.
They can be useful in finding contacts for some house repairs, inspections, knowing codes, knowing HOA rules, knowing neighboring home owners.
Zillow, while useful, often has mistaken information that actually can make or break a deal.
They can be useful in finding contacts for some house repairs, inspections, knowing codes, knowing HOA rules, knowing neighboring home owners.
Zillow, while useful, often has mistaken information that actually can make or break a deal.
Posted on 2/3/19 at 8:07 am to ItNeverRains
quote:
In my experience, these clients generally do not want to directly interact with buyers, sellers, or agents of said parties. As a sellers agent they usually want me on site for all showing of their high end properties.
With the UBER to taxi comparison, it’s not that the need for human interaction decreased, it’s simply the manor to transport people from point a to point b was streamlined
This is my thought as well, I would not want to deal directly with the seller/buyer, and is why I would use an RE. What apps and websites can do, is help streamline the process and allow buyers to weed through homes quickly and reduce the number of walkthroughs. Ultimately, there is a contract to sign and deals to be made and a good RE on your side can easily make up that difference in commission through both the time commitment and the actual agreement.
Posted on 2/3/19 at 8:09 am to PeteRose
quote:
All you have to do is look online for sales history and neighborhood comps to get a clear picture.
This is an oversimplification. The average sales prices of your neighborhood are for homes in varying conditions, lot sizes, and other upgrades (pools, outdoor kitchens, etc).
If your home is above average for the neighborhood, you could be heavily under-listing it. But hey, you got a contract in a few days!
I advise anyone going the DIY selling route to pay for a professional appraisal, not just the ‘ole Zestimate.
Posted on 2/3/19 at 8:10 am to TigerV
higher end buyers/sellers would still use agents
the mass of plebs likely wouldn't need to. for most plebs and poor people, their time isn't worth what the agent costs
for a rich person, the RE is a +EV solution
this just means only the best agents would remain, and nobody would have a problem with that i reckon
the mass of plebs likely wouldn't need to. for most plebs and poor people, their time isn't worth what the agent costs
for a rich person, the RE is a +EV solution
this just means only the best agents would remain, and nobody would have a problem with that i reckon
Posted on 2/3/19 at 8:28 am to East Coast Band
quote:
Zillow, while useful, often has mistaken information that actually can make or break a deal.
This is very true.
I saw a case involving a condo. Zillow reported another unit in the building as having sold for over $300k more than the sale price reported in the MLS. Multiple people looked at the Zillow report and the MLS report and confirmed it was the same listing.
This post was edited on 1/22/21 at 4:20 pm
Posted on 2/3/19 at 8:33 am to PeteRose
No. Technology cannot blow you to help close the deal like an agent can.
Posted on 2/3/19 at 8:38 am to SECdragonmaster
How about the hidden mortgage fees of 4 to 6 points?
Posted on 2/3/19 at 8:39 am to PeteRose
Can I have sex with it in a show house?
Posted on 2/3/19 at 8:55 am to PeteRose
As in any business, service is the key.
Real estate is best served by full time professionals like doctors and lawyers but sadly it has too many part time folks who are not qualified and give the business a black eye. A qualified agent or broker is well worth the price and no computer algorithm is substitute. However, in a current age where service is no longer valued by folks younger and without competent communication skills it will probably be the future.
Penny wise but pound foolish seems to fit the younger set yet they can not see it.
Real estate is best served by full time professionals like doctors and lawyers but sadly it has too many part time folks who are not qualified and give the business a black eye. A qualified agent or broker is well worth the price and no computer algorithm is substitute. However, in a current age where service is no longer valued by folks younger and without competent communication skills it will probably be the future.
Penny wise but pound foolish seems to fit the younger set yet they can not see it.
Posted on 2/3/19 at 9:00 am to SECdragonmaster
quote:
I hope so.
It’s the most expensive and overvalued cost in most peoples lives.
Only middle class and below people think like this.
Only until you get sued for specific performance.
Only until you sell your house for $15 -$20k less then you could have.
Posted on 2/3/19 at 9:04 am to Beessnax
quote:
I think they are already being replaced, which is fine by me.
I live in an area where houses sell quickly. My best friend sold his via social media/sign in the yard. Saved himself that 7%
You do realize that if it sold quickly then your friend likely left a shitload of value(>7%) on the table and if your friend is an OT alpha a shitload of home value is a shitload of money. So if your buddy lives in a doublewide tell him great job.
Posted on 2/3/19 at 9:05 am to PeteRose
I’m not sure they even know what is in their form agreements other than you owe me a fee for doing as little as possible.
Posted on 2/3/19 at 9:08 am to Balloon Huffer
quote:
Only until you sell your house for $15 -$20k less then you could have.
Or until you overprice it and it sits on the market for months eating up money.
Posted on 2/3/19 at 9:09 am to PeteRose
Use Zillow. It's free. That's how we sold our last home. You'll still have scumbag realtor calls you. I told them they were free to show it, but my asking price would increase 3% to offset their highly inflated fees. We wound up selling it as a FSBO.
Realtors, artificially inflating markets for years. They're as bad as used car salesmen.
Realtors, artificially inflating markets for years. They're as bad as used car salesmen.
This post was edited on 2/3/19 at 9:13 am
Posted on 2/3/19 at 9:12 am to armytiger96
quote:
As long as the buyers can have a realtor represent them for free the realtors will remain part of the process.
We have a vastly different definition of free, the buyer is the one paying both sides.
Posted on 2/3/19 at 9:17 am to PeteRose
quote:
Will it ever happen just like uber with taxis? Mostly, all you ever need to determine in a purchase agreement are sales price, closing date, inspection date, apprasail date. Most of the time, it’s agreeing on the price. You can use an app or text back and forth. Why need a middleman buffer which is slower process?
quote:
Some might say an agent knows about the market. All you have to do is look online for sales history and neighborhood comps to get a clear picture. Now, those info were secretly held by the realtors association in the years past(not to help seller/sellers btw), but it’s availabe easily and fast online to help buyers.
quote:
Now, sure a homeowner selling a 3 million dollar house might want to hire a realtor because he/she might have a busy company to run. But for average joes like me, they can do it themselves for a flat simple fee.
You're onto something. It's a business opportunity for you. You invent it!
Posted on 2/3/19 at 9:18 am to cave canem
Depends on the state
In some states all folks in the process actually work for the seller.
In some states you have buyer brokers who work for the buyer, not the seller, and are paid by the buyer.
In some states all folks in the process actually work for the seller.
In some states you have buyer brokers who work for the buyer, not the seller, and are paid by the buyer.
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